Dubai Property Market Overview
The first quarter of 2024 has continued the remarkable trajectory of Dubai's real estate market, with transaction volumes and prices both showing year-on-year growth across key areas.
Key Highlights
- Transaction volumes up 18% compared to Q1 2023
- Average villa prices increased by 12.4% YoY
- Apartment prices rose 8.7% YoY on average
- Off-plan sales account for 52% of all transactions
Hotspots in Q1 2024
The following areas have seen the strongest price appreciation:
- Palm Jumeirah — Luxury villas up 22%
- Dubai Hills Estate — Premium family living, up 15%
- Jumeirah Village Circle (JVC) — Affordable apartments, up 11%
- Business Bay — Strong rental yields, up 9%
What This Means for Mortgage Borrowers
With property prices rising, it's becoming increasingly important to secure financing early. Rising valuations may mean your required loan amount increases, impacting your DBR calculations and LTV ratios.
Pro tip: Get a mortgage pre-approval before you start property hunting. This gives you a clear budget and makes sellers take you seriously.